LUNDBERG

Lundberg

In March 2019 Buchans reported an updated pit-constrained Mineral Resource Estimate for its lower-grade bulk tonnage, Lundberg base metal deposit located at the former Lucky Strike mine site. Lundberg consist of stockwork mineralization situated below the previous mined Lucky Strike deposit which totaled 5.6 M tonnes averaging 18.4% Zn, 8.6% Pb, 1.6% Cu, 112 g/t Ag & 1.7 g/t Au.

The 2019 Mineral Resource Estimate includes In-pit Indicated Mineral Resources of 16,790,000 tonnes grading 1.53% Zn, 0.64% Pb, 0.42% Cu, 5.69 g/t Ag and 0.07 g/t Au (3.38% Zn Eq) and In-pit Inferred Mineral Resources of 380,000 tonnes grading 2.03% Zn, 1.01% Pb, 0.36% Cu, 22.35 g/t Ag and 0.31 g/t Au (4.46% Zn Eq) that contains more than 1.25 billion pounds Zinc Equivalent, with 97.8% of the Mineral Resources in the Indicated category. The Resource Estimate was estimated within an optimized pit shell at a cut-off grade of US$20/t NSR and is considered to reflect reasonable prospects for economic extraction in the foreseeable future using conventional open-pit mining methods. The resource applied metal price assumptions of US $1.20/lb Zn, $1.00/lb Pb, $3.00/lb Cu, $1,250/oz Au, and $17/oz Ag. Buchan’s Mine exploration

The Company is confident that its Buchans property holds potential for discovery of new VMS deposits comparable to historically mined orebodies within the current property. Buchans also recognizes that further enhancements for mineral development of Lundberg could be achieved through exploration by the discovery of additional mineral resources immediately adjacent to the Lundberg deposit. Buchans’ exploration activities throughout 2020 have been largely comprised of relogging of archived drill core drilled by past operators as well as compilation of historic work. Together these data are being compiled into a new digital, 3-dimensional model upon which the Company intends to drive future exploration programs

The Company is currently assessing multiple target areas for the discovery of new buried high-grade ore deposits. This work is being supported by the Company’s ongoing relogging program that has to date relogged more than 150,000 metres of archived drill core from more than 850 historic drill holes. This work is being supplemented by ongoing reprocessing and integration of available historic data, including geophysical and geochemical data that are being incorporated into a new digital 3D geological model. The Company, believes applying this modern technological approach with Boliden’s expertise in near mine exploration will yield significant opportunities for new discoveries in this historic mining camp, renowned as one of the world’s highest grade VMS camps.